INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2014

7. INTANGIBLE ASSETS, NET

Intangible assets, net as of June 30, 2014 and December 31, 2013 consisted of the following (in thousands):

	June 30,		December 31,
	2014		2013
Tradenames	$	10,714	$	9,814
Referral relationships, net of accumulated amortization of $1,865 and $1,582, respectively		4,216		3,959
Non-competition agreements, net of accumulated amortization of $2,099 and $1,950, respectively		797		706
	$	15,727	$	14,479

Tradenames, referral relationships and non-competition agreements are related to the businesses acquired. The value assigned to tradenames has an indefinite life and is tested at least annually for impairment in conjunction with the Company’s annual goodwill impairment test. The value assigned to referral relationships is being amortized over their respective estimated useful lives which range from six to 16 years. Non-competition agreements are amortized over the respective term of the agreements which range from five to six years.

The following table details the amount of amortization expense recorded for intangible assets for the three and six months ended June 30, 2014 and 2013 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Referral relationships	$	128	$	116	$	283	$	266
Non-competition agreements		62		85		149		191
	$	190	$	201	$	432	$	457

Based on the balance of referral relationships and non-competition agreements as of June 30, 2014, the expected amount to be amortized in 2014 and thereafter by year is as follows (in thousands):

Referral Relationships		Non Competition Agreements
	Annual		Annual
Years	Amount	Years	Amount
2014	535	2014	272
2015	486	2015	246
2016	486	2016	185
2017	486	2017	140
2018	449	2018	84
2019	413	2019	19
2020	413
2021	413
2022	364
2023	257
2024	137
2025	49
2026	11